Ann: Altura Completes Two Binding Offtake Agreements, page-28

I like how of all days you appear today, downramping good news with ill informed comments.

"They say it's binding but it's not" ....go look at any other BOA by a pre-production miner. They are always conditional on things like finance and FID. Why would a BOA partner be locked into an agreement with a company that can't fund production?

"Without pricing" .... lenders have a guaranteed price range of $550 to $950. That is more detail than basically an other spod producer in the market has written into their offtake agreements. If lenders are conservative they look at the floor price. Which coincidentally sits just above the DFS price which has a payback period of less than 3 years (period floor price is in place). Therefore very little funding risk.

I am not huge on the upside cap, but I suspect based on timelines and wording of this announcement JB had to give a little (or was made to) by ON/Lionergy in return for them assisting with funding out of China (not fact, purely my own speculation).

Doubling of output in the future is great. Cuts this to a 10-12 year deposit (on current resource) which is fine by me. Maximise returns in the ramp up of the EV revolution. If things look bright still in 5 years go hard on exploration here or somewhere else.

One hurdle left to tick and given they have a 7 week deadline one would suspect this is pretty well in hand.